Renovated Side-by-Side
New
For Sale
$124,900
131-133 E Southern Avenue, Springfield, OH 45505
Separate gas and electric meters serve the two units, with water paid by the owner.
Property Size3,242 SF
Price / SF$38.53
Days on Market4
Property Features for 131-133 E Southern Avenue
General Information
Standard status
Active
Size
3,242 SF
Property subtype
Multi-Family
Building Details
Year Built
1890
Listing Agency:
Coldwell Banker Heritage
(937) 322-0352
Listed By:
Arthur Solomon · License #2014003166
(937) 631-5562
Source:
Johnsonwebbrealty
Added: Oct 26
Changed: Oct 28
Last Checked: Oct 28 at 4:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Heritage
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Investment Insights
Based on property information with market context.
This 3,242-square-foot duplex, built in 1890, contains two adjoining residences with seven bedrooms and three full bathrooms in total. The 131 E Southern Avenue unit has four bedrooms and two bathrooms; the 133 E Southern Avenue unit has three bedrooms and one bathroom. The latter received a new kitchen and bathroom, along with new flooring, doors, LED lighting, switches, outlets and fresh paint. Improvements to the other unit are also noted. The property has a new roof, vinyl windows throughout, and repaired, freshly painted aluminum siding. Both residences include tall ceilings, spacious rooms, covered front porches and backyard access.
Gas and electricity are separately metered, while the owner pays for water. The property is near South Limestone Street, downtown Springfield and I-70.
Gas and electricity are separately metered, while the owner pays for water. The property is near South Limestone Street, downtown Springfield and I-70.
Key Highlights
- Two side‑by‑side units with 7 bedrooms and 3 full bathrooms combined
- 3,242 square feet; built in 1890
- 131 E Southern Avenue has 4 bedrooms and 2 full bathrooms; 133 E Southern Avenue has 3 bedrooms and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,003
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$220,060
$220.1K
Cap Rate 7%
$157,186
$157.2K
Cap Rate 9%
$122,256
$122.3K
Market Conditions
NOI Build-Up for 3,242 SF
Gross rent
$17.1K $5.28/SF
− Vacancy
−$1.4K −$0.43/SF
EGI
$15.7K $4.85/SF
− OpEx
−$4.7K −$1.45/SF
NOI
$11.0K $3.39/SF
Area
Clark County, OH
Vacancy
8.17%
Lease Rate
$5.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$220,060
Cap Rate 7%
$157,186
Cap Rate 9%
$122,256
Alternative Uses
Best Use
Multifamily LT 5
$157.2K
$137.5K – $183.4K
NOI $11,003 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$136.2K
$119.2K – $158.9K
NOI $9,534 @ 7.0% cap · market cap 7.63%
Theoretical Best
Specialty Retail
$904.3K
$791.3K – $1.06M
NOI $63,300 @ 7.0% cap · market cap 50.68%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Explore this area
Business Placement
Demographics for 45505, OH
19,708
Population
9,365
Households
2.1
Avg Household Size
38
Median Age
10%
College-Educated
84%
High-School Grad
13.6 sq mi
ZIP Area
1,449
Density / Sq Mi
$42,409
Median Household Income
$30,322
Median Earnings
$802
Median Rent
$87,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate gas and electric meters serve the two units, with water paid by the owner.
Where is this duplex located?
The property is located at 131-133 E Southern Avenue Springfield, OH.
What is the asking price?
The asking price for this property is $124,900.
What are key features of this property?
This property features: Two side‑by‑side units with 7 bedrooms and 3 full bathrooms combined; 3,242 square feet; built in 1890; 131 E Southern Avenue has 4 bedrooms and 2 full bathrooms; 133 E Southern Avenue has 3 bedrooms and 1 full bathroom
